US snacking giant Mondelez International is partnering with Israeli food-tech incubator The Kitchen as part of an internal venture to expand global opportunities in snacks.
Mondelez said today (25 April) it has formed a collaboration agreement under its SnackFutures programme launched last year with an objective to focus on “venturing with start-up entrepreneurs to seed new businesses”.
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The Nasdaq-listed US firm noted how the tie-up will give it “unparalleled access and visibility to one of the world’s leading food-tech ecosystems”, while the Cadbury chocolate brand owner will provide its “technological and commercial expertise” to entrepreneurs from The Kitchen.
Tim Cofer, who heads SnackFutures and is also the executive vice president and chief growth officer at Mondelez, said: “With over 6,600 active start-up companies and a steady growth year-on-year, the Israeli innovation ecosystem is one of the most dynamic in the world and we’re thrilled to be part of it. We know we don’t have all the answers within our four walls, so we’re on a mission to create an unconventional ecosystem of partners. The collaboration with The Kitchen is another great example of this ecosystem at play.”
The Kitchen has 12 companies under its wings. Its chief executive Jonathan Berger added: “The Kitchen, as a ventures builder, constantly seeks to bring value to its portfolio companies. Partnering with an industry leader such as Mondelez International will bring tremendous value to The Kitchen and our portfolio companies.”
SnackFutures just made its second investment under the programme, with a minority stake in free-from snacks manufacturer Hu Master Holdings, the parent company of Hu Products. US-based Uplift Food, a producer of prebiotic “functional foods”, was the first investment.
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